Visakhapatnam Special Economic Zone (VSEZ), also called the

Andhra Pradesh Andhra Pradesh (, abbr. AP) is a state in the south-eastern coastal region of India. It is the seventh-largest state by area covering an area of and tenth-most populous state with 49,386,799 inhabitants. It is bordered by Telangana to the ...

First Economic Zone, is one of the central government

special economic zone A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increas ...

s in

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

. VSEZ is located in

Duvvada Duvvada is a suburban area of Visakhapatnam city, under the Revenue Mandal of Gajuwaka in Greater Visakhapatnam Municipal Corporation. A sub-post Office located at Duvvada with pincode 530046 and 530049 Etymology The name Duvvada was earlier Dvi ...

, 20 km away from the

Visakhapatnam , image_alt = , image_caption = From top, left to right: Visakhapatnam aerial view, Vizag seaport, Simhachalam Temple, Aerial view of Rushikonda Beach, Beach road, Novotel, Novotel Visakhapatnam, INS Kursura (S20), INS ...

History

The zone originated in 1989, when it was named VEPZ (Visakhpatnam

Export Processing Zone A free-trade zone (FTZ) is a class of special economic zone. It is a geographic area where goods may be imported, stored, handled, manufactured, or reconfigured and re-exported under specific customs regulation and generally not subject to cust ...

). It was changed to the Visakapatnam Special Economic Zone on 1 January 2003. The zone consists of an area of 360 acres. The Development Commissioner, the administrative head of the zone, is also the head of all 53 special economic zones in

Chhattisgarh Chhattisgarh (, ) is a landlocked state in Central India. It is the ninth largest state by area, and with a population of roughly 30 million, the seventeenth most populous. It borders seven states – Uttar Pradesh to the north, Madhya Prade ...

and the union territory of

Yanam Yanam (Telugu: ''యానాం'') is a town located in the Yanam district in Puducherry. It has a population of 35,000 and is entirely surrounded by Andhra Pradesh. It was formerly a French colony for nearly 200 years, and, though united wi ...

. From these SEZs, seven are multipurpose SEZs, and the remaining are sector specific SEZs.

Operation

VSEZ is treated as a foreign territory for trade operations, duties and tariffs. One hundred per cent

foreign direct investment A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct co ...

is allowed with permission for full and free repatriation of export proceeds. The turnover of the zone was

Rs. Rupee is the common name for the currencies of India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, B ...

4.5 billion in 2004. Investments increased from Rs. 5.56 billion in 2008-09 to Rs. 12.4 billion in 2012-2013.

References

{{coord, 17.708293, N, 83.152687, E, display=title Industrial parks in India Economy of Visakhapatnam Special Economic Zones of India

History

Operation

See also

References